The silver Penny which was first circulated during the Heptarchy, continued to be the general coin after the kingdom had been united under one head, and extends, in a continued series, from Egbert almost to the present reign. The only kings wanting are Edmund Ironside, Richard I., and John. At first the penny weighed twenty-two and a half grains, but towards the close of the reign of Edward III. it fell to eighteen grains; in that of Edward IV. to twelve. In the time of Edward VI. it was reduced to eight grains; and in queen Elizabeth's reign to 7 23/31 grains, at which it still continues-.

Halfpence and farthings were first struck in silver by Edward I. in 1280: the former continued to the time of the Commonwealth, but the latter ceased with Edward VI. The groat and half groat were introduced in the reign of Edward III., in 1354, and continue to this day, though not in common circulation.

Shillings were first coined by Henry VII. in 1503; at first they were called testoon, from the teste, tete, or head of the king, upon them; the name shilling being derived from the German schelling, under which name coins had been struck at Hamburgh in 1407. The crown was first coined in its present form by Henry VIII. The half-crown, six-pence, and three-pence, were coined by Edward VI. In 1558, queen Elizabeth coined three-halfpenny, and in 1561, three-farthing pieces; but they were discontinued in 1582. Gold was coined in England by Henry III. in 1257; the piece was called a gold penny, and was larger than the silver one, and the execution by no means bad for the time. The series of gold coinage, however, commences properly from Edward III. In 1344, this monarch first struck florins, in imitation of those in Italy; and it is remarkable, that though these coins, at the time they were first issued, bore only six shillings value, they were (even before the late increased value of gold) intrinsically worth nineteen shillings; so much has the value of gol increased since that time. The half and quarter florin were struck at the same time, but only the last has been found. The florin being found inconvenient, gave place to the noble, of six shillings and eight-pence value, and exactly half a mark. The latter had its name from being a limited sum in accounts; and was eight ounces in weight, two-thirds of the money pound. The noble had its name from the nobility of the metal; the gold of which it is coined being of the finest sort. Sometimes it was called rose-noble, from both sides being impaled in an undulating circle. It continued, with the half and quarter noble, to be the only gold coin till the angels of Edward IV. appeared in 1465. These had their name from the image of Michael and the Dragon which they bore. The angelites, of three shillings and four-pence value, were substituted in their place. In 1527, Henry VIII. added to the gold coins the crown and half-crown at their present value; the same year he gave sovereigns of twenty-two shillings and six-pence, and ryals of eleven shillings and three-pence, angels at seven shillings and six-pence, and nobles at their old value of six shillings and eight-pence. In 1546 he caused sovereigns to be coined of the value of twenty shillings, and half sovereigns in proportion.

On the union of the two crowns, James gave the sovereign the name of unite; the value continuing twenty shillings, as before He coined also rose ryals of thirty shillings, spur ryals of fifteen shillings, angels of ten shillings, and angelitea of five shillings value. Under the Commonwealth, the sovereign received the name of the twenty shilling piece, and continued current till the coinage of guineas. These were so called, from their being coined of gold brought from the coast of Guinea, and were at first to pass but for twenty shillings, though by a universal but tacit consent, they always passed for twenty-one shillings. Half-guineas, double-guineas, and five guinea pieces, were also coined during the same reign; which still continue, though the two latter are not in common circulation. Quarter-guineas were coined by George I. and likewise by his late Majesty; but they were found so troublesome on account of their small size, that they were stopped at the Bank of England; and therefore are not to be met with in circulation at present. A few pieces of seven shillings value were likewise coined, and are known by the lion above the helmet; but none were issued. In 1668, the guinea rose to twenty-one shillings and sixpence, and continued to increase in value till 1696, when it was as high as thirty shillings; but after the recoinage in 1697 and 1698, it fell by degrees, and in 1717 was at its old standard of twenty-one shillings. During the reign of George III. vast numbers of seven shilling pieces were issued, which continued some years in general circulation. Sovereigns have also been coined since his present Majesty's accession, and they constitute at pre sent the prevailing gold currency of the realm.